S&P 500 Index Forecast October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The S&P 500 Index fell precipitously during the Friday session, but did not break out of the recent consolidation. In fact, we see the 1420 level as a bit of a "floor” in this market right now, and as such we are a bit leery of shorting at this point. In fact, we need to see the 1400 level give way to the sellers in order to start becoming aggressively short of the S&P 500. Because of this, we are currently flat but are waiting for some type of supportive candle in which to start buying the SPY ETF, or even mini futures.

 

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